There are very few hard-and-fast rules in sales, but here's
one that is true 99 percent of the time: If you focus solely on
price when selling your product or service, so will your customers.
Unless you can distinguish your product from its competition, the
product with the lowest price will get the sale.

Because everyone's concerned with money, you can expect to
hear price objections from customers at least once in a while. The
key to avoiding objections is making sure customers know what
they're getting for the dollars they're investing.

Bart McConley, a friend of mine, is the general sales manager of
the Warnock Automotive Group, which has dealerships in East
Hanover, Livingston and Morristown, New Jersey. If anyone knows
about price objections and negotiations, it's someone who runs
a successful car dealership. His take on price objections?
"It's all about perception," he says. Many car
salespeople lower the price in the parking lot before the customer
even gets into the car. What's the customer left to think about
the value he's getting?

1. Sell your true value. Never apologize for the price of
your product. Provide your price, and stand strong on it. You can
only do that, however, if you have the backup information necessary
to support your price. Always be armed with at least three key
reasons that make you unique, distinguish you from the competition
and give your product added value. Your main goal is to help the
customer understand the true value of what you're selling.

2. Generate enough activity so you can afford to walk
away from customers who don't see your value. If you've got
just one prospect, you're going to want to make that sale no
matter how much you have to lower your price. When you already have
many prospects in line, however, you can stand your ground knowing
that if this sale doesn't work out, another one will. If
you're constantly discounting your price, the perception of
potential customers is that you're undervaluing not only your
product, but also yourself.

3. Know when to negotiate. If, for instance, you're
working on a new product launch with an account, and a lower price
might help them enter the marketplace with a greater chance to
succeed, it will also help your success in the long run. Or if a
customer is willing to buy volume, you might negotiate your price.
Flexibility is based on creating ROI and long-term, profitable
relationships.

4. Be confident. In essence, your customers are asking
you, "If I'm paying more for your product, what other
value am I getting for that investment?" It's not just
showing them the additional value they're getting for their
investment. More important, it's the confidence in your
approach that makes them feel comfortable doing business with
you.

Your confidence is the most powerful tool you have when handling
price objections. If you're confident enough to overcome the
fear of losing the sale, you can remain firm in the face of any
objection. Confidence breeds success, especially where price is
concerned.